Flex Space with Fenced
For Sale
$529,000
3502 N County Road 1660, Lubbock, TX 79416
COMMERCIAL - Lubbock, TX
Property Size3,000 SF
Lot Size1.00 Acre
Price / SF$176.33
Days on Market54
Property Features for 3502 N County Road 1660
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Fencing
Fenced
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
8
Standard status
Active
APN
R305904
Size
3,000 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
Blk Js Sec 25 Ab 337 Tr F6 Ac: 4.002
Tax Annual Amount
775
Legal Description
Blk Js Sec 25 Ab 337 Tr F6 Ac: 4.002
Amenities
covered front porch
break room
bathroom
utility closet
industrial-grade exterior lighting
irrigation system
water well
septic system
Building Details
Year built
2026
Flooring type
Concrete
Building materials
Metal Siding, Steel Frame
Roof type
Metal
Listing Agency:
Milestone Realty Group
(806) 786-1931
Listed By:
Trey Culver · License #0763446
(806) 544-3918
Added: Jul 1
Changed: Aug 12
Last Checked: Aug 23 at 3:06PM
MLS# 202608976
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property is under construction on a 1-acre tract and combines a metal-sided, steel-frame shop with attached office improvements. The 40' x 60' main building has 16' sidewalls, two 16' automatic overhead doors, concrete exterior bays, and a 40' x 15' front office area with 12' ceilings. The office layout includes a private office, break room plumbing, bathroom, and utility closet. Concrete flooring, glass entry doors, front windows, and a metal roof complete the building specification.
An 8-foot steel privacy fence encloses approximately 29,000 square feet of crushed-asphalt yard area. The property also includes a 40' x 20' covered front porch, a 40' x 20' concrete driveway, industrial-grade exterior lighting on all four sides, a water well, septic system, 200A, 230V single-phase electrical service, and a planned front-yard irrigation system. Located just off Milwaukee Avenue, outside city limits, the property is one mile from the new outer loop.
An 8-foot steel privacy fence encloses approximately 29,000 square feet of crushed-asphalt yard area. The property also includes a 40' x 20' covered front porch, a 40' x 20' concrete driveway, industrial-grade exterior lighting on all four sides, a water well, septic system, 200A, 230V single-phase electrical service, and a planned front-yard irrigation system. Located just off Milwaukee Avenue, outside city limits, the property is one mile from the new outer loop.
Key Highlights
- 1‑acre tract with a 3,000‑square‑foot under‑construction flex‑space facility
- 40' x 60' shop with 16' sidewalls and two 16' automatic overhead doors
- Approximately 29,000 square feet of fenced crushed‑asphalt yard space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,042
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$820,840
$820.8K
Cap Rate 7%
$586,314
$586.3K
Cap Rate 9%
$456,022
$456.0K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.2K $17.40/SF
− Vacancy
−$3.9K −$1.31/SF
EGI
$48.3K $16.10/SF
− OpEx
−$7.2K −$2.41/SF
NOI
$41.0K $13.68/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$820,840
Cap Rate 7%
$586,314
Cap Rate 9%
$456,022
Alternative Uses
Best Use
Warehouse
$586.3K
$513.0K – $684.0K
NOI $41,042 @ 7.0% cap · market cap 7.76%
Second Best
Industrial
$482.8K
$422.5K – $563.3K
NOI $33,799 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$756.3K
$661.8K – $882.4K
NOI $52,942 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
1
Office units
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial facility with an enclosed shop, attached offices, concrete access areas, and dedicated utility systems.
Where is this flex space located?
The property is located at 3502 N County Road 1660 Lubbock, TX.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 1‑acre tract with a 3,000‑square‑foot under‑construction flex‑space facility; 40' x 60' shop with 16' sidewalls and two 16' automatic overhead doors; Approximately 29,000 square feet of fenced crushed‑asphalt yard space
